Sm Teaching Teens To Save Money

Sm Teaching Teens To Save Money



Starting Young: Teaching Teens to​ Save Money
Parents mostly complain that teenagers do not listen to​ them .​
The opposite is​ true when it​ comes to​ advice regarding 'money matters' .​
Teens actually welcome their parent’s input about their finances .​
In the​ past few years,​ teenagers have earned billions of​ dollars with part-time and summer jobs .​
Some have spent most of​ what they earned,​ while others saved most or​ even all of​ it​ for a​ big purchase,​ or​ for their college education .​
Kids these days are becoming more and more aware of​ their family's source of​ income and financial status .​
They apply these money-spending principles when they venture out on​ their own .​
Thus,​ it​ becomes more of​ a​ parent’s responsibility to​ start training their teenage kids to​ use their money wisely .​
Here are some ways on​ how you,​ as​ a​ parent,​ can teach your teens to​ save those hard-earned bucks:
1 .​
Lead by example .​
With your lifestyle,​ the​ children will see how you spend your money .​
If they see you allotting a​ certain amount for a​ specific household need,​ they will eventually do the​ same when they get to​ earn their own keep .​
2 .​
Help your teens get a​ bank account .​
Establishing a​ bank account under their name would give them an​ instant financial responsibility .​
Sit down and explain to​ them how to​ manage their own account,​ and the​ rewards that they get once they save enough.
Their savings could go to​ their college tuition,​ or​ a​ big purchase like a​ car .​
Additionally,​ it​ gives them a​ sense of​ accomplishment once they have saved up,​ with something concrete to​ show for it .​
You may check out the​ special benefits that banks offer for teens who open their accounts at​ such an​ early age .​
3 .​
Construct a​ spending plan .​
Once they hear the​ word 'budget',​ teens tend to​ cringe at​ the​ mere thought of​ having to​ restrict the​ spending of​ their money .​
Instead,​ you and your teen son or​ daughter could build a​ spending plan .​
This would get them excited,​ and think of​ ways on​ how they can wisely spend their savings .​
Also,​ have them list down their earnings versus their expenses .​
Let them know the​ difference between the​ items that they need and the​ luxury items that they want,​ which they can actually do without.
4 .​
Make a​ mock investment in​ the​ stock market .​
Make them aware of​ the​ options that they have financially .​
Casually introduce to​ them the​ business part of​ your daily newspapers and have them make mock investments for companies who manufactures products that they like .​
Monitor the​ stocks together and this would give them another option of​ investing their money in​ the​ future .​




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